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BostonTre

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  1. Im entering into a mortgage with a high payment under the premise that i will be able to re-fi in about 6-8 months... i was told that just having a mortgage and paying it on time will significantly increase my FICO- in addition to this my main FICO problems are a bunch of individual student loans that will be consolidated , revolving accoutns with the balances too close to limits and one minor colelction from Tmobile that i am working on clearing now- again the payment is high but i can afford it by sacrificing some other things im used to...i am choosing this way over paying rent for a year and trying the mortage then- are my high hopes of a better score and improved rate reasonable?? thanks-
  2. im just worried about disputing it AFTER there was already a payment on it...isnt that in it self some kind of admittance?
  3. alright heres the situation- somebody (fam memeber) opened a tmobile in my name awhile back and of course it wasnt paid and went to collection- a couple months back i found out and the person made a payment plan with them- the total was 1000 and they were to pay $250 for 4 months....they made one payment and that was the last i heard of it- ive recently been getting calls from then for the balance- they said they will take a settlement of $604 which this person is willing to give me BUT when i asked if this will be deleted if i pay they said no...it will show as paid but will still be there- i dont want it to look like i had an account go into collections then paid it off...it was never mine... curious as to how i should proceed thanks
  4. thanks for all the replies- to answer a couple questions...i mis-stated the 70% thing...its basically 70% of my available funds after i take out everything else- so the money i would normally have after paying my bills and doing what i normally do will now be cut by 70%- also the FICO score is 583ish... i have a couple cards that are too close to the limit and a collection from a phone company that im in the process of getting rid of- the score wasnt bad until about 40k worth of student loans hit me recently.... i monitored my credit via creditexpert then myfico so i know what the mortgage people are stating is correct...they actually helped me clean some stuff (medical collections) off my report - they are saying the main problem with my loan is that im so close to the 580 cut-off point so they cant really shop it around too much...im getting answers on final rates friday so i'll decide from there- my only alternative would be to rent for about ~1100ish...i tried the roommate thing in college and vowed to never do it again... once again thanks for all the input- i have the mortgage people looking at alternatives...i might just end up waiting- i hate to lose this unit though and figured i could struggle for a few months with it then re-fi when my credit is more stable
  5. hmmm- i mean im out of the living with the parents stage and am making decent moiney for my age...i also feel as though rent is just throwing money away...anything decent around me is 1200/mo then regular bills i thought downturn was a good thing for a buyer? correct me if im wrong...im very new to all of this...also on the 2nd comment i wouldnt keep it interest only for more than 6months - at the point my credit will be at a point where i can go into a regular 7% straight forward mortgage WHOAH!!!! If I were you, I'd stay with the parents (AND BANK ALL MY $$$$s) until they evicted me (MEANING: at least 2 years, waiting for the market to correct). You're in a ONCE-IN-A-LIFETIME position: MAKE THE MOST OF IT. i understand where your coming from but its not that simple...my mother moved into a 1br and my father is is in another 1br....im still living in the house that they are selling and have milked that...it will be sold soon and i have no choice but to get my own place- i have no prob living in moms basment and banking $$ ive done it for the last 4years...but that ship has sailed and its time for me to get out in the real world
  6. hmmm- i mean im out of the living with the parents stage and am making decent moiney for my age...i also feel as though rent is just throwing money away...anything decent around me is 1200/mo then regular bills i thought downturn was a good thing for a buyer? correct me if im wrong...im very new to all of this...also on the 2nd comment i wouldnt keep it interest only for more than 6months - at the point my credit will be at a point where i can go into a regular 7% straight forward mortgage
  7. yea i thought that rate was outlandhish....the thing is my credit score is right at the breaking point so its hard for them to shop it around- i was thinking about going interest only until i get my credit score up in a couple of months then trying to refinance into something reasonable-
  8. Ok so i know that it is better to get a mortgage and actually be investing my money into something rather than throwing it away on rent but here is my situation- i always said i wouldnt rent and now that im out of college and have a good job i went condo shopping - found one i liked, got my pre-approval etc... my student loans DUMPED on my credit and even though i dont have to pay them back now they dropped my credit score signicantly- the mortgage i am getting will be at 10.5% and with fees and insurance im looking at spending about 70%of my monthly income on the mortgage- now i have loked at it and will be ABLE to afford it just by cuttting out the extra things i do but my question is should i sacrifice now and try and refinance later- or would i be better off renting for a couple months while working to get my score up and then re-entering the condo market- i know its a personal decision and im Right in the middle...i just would like to here some opinions kepe in mind that im deep into the process and actually have the lawyer reviewing the P&S now...
  9. ok so my credit is in the process of repair....but my girlfriend on the other hand has done nothing credit-wise ever- shes 21...and the only thing on her report is the co-signing on an auto loan 2 months ago...her fico is 700- she wants to get a credit card and im wondering which way she should go for a 1st....i went with ripoff Capital One cards when i started but i was 18 and had less options... any and all suggestions welcomed and appreciated...thanks
  10. look forward to perfect credit

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